Chicago home prices have now dropped for 2 consecutive months, according to the Illinois Association of Realtors. This is great news for anyone looking to buy a new home in the spring in Chicago. In fact, Skylar Olsen, a senior economist at Zillow, says that “Chicago is one of the five best places for first-time homebuyers. You won’t have to compete as much as in the past.” Chicago is really one of the best places to live in the country, if you take into consideration all that the city has to offer and compare the housing prices to cities on the East and West Coasts.
There have been a lot of incentives offered recently as well. FHA lowered their PMI rate a half point, making FHA Loans very attractive. They already had a low threshold for down payments, and now cost less monthly on your mortgage payment. HARP has also adjusted the payouts for HARP Loans. If you have a HARP Loan and stay current on your mortgage payment, you were originally eligible for $5000 during your first 5 years of the mortgage. The federal government has now updated that to 6 years. With interest rates as low as they have been in years, it’s a great time to purchase your new home in Chicago.
Chicago is also building condos like crazy. Over 6,000 new, high-end condominiums are expected to show up in Chicago this year. These are terrific opportunities to get in on home ownership in a thriving market.
So, how should you start? Find out what kind of loan you can get and what you can afford by applying online with The Home Loan Expert, Ryan Kelley. We take your information and Ryan presents with options for you based on your credit score and current financial situation. There are no “guesstimates” or theoreticals. We give you a hard number that you can take in confidently and make an offer. This way, you’ll know what you can afford before you go shopping for your new Chicago dream home. Call us today at (773) 770-4727 or visit www.thehomeloanexpert.com/chicago to apply online. Nobody makes it easier to get a new home loan in Chicago than The Home Loan Expert, Ryan Kelley.